The global fiber optics market size is poised to grow by USD 2.44 billion during 2020-2024, progressing at a CAGR of almost 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Fiber Optics Market 2020-2024 (Graphic: Business Wire)
The increase in the number of FTTH homes and subscribers is the key factor driving the market growth. A higher number of customers are opting for fiber optic connections to leverage broadband services. This reduces the requirements for customer premises equipment (CPE) and distribution point unit (DPU).
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The major fiber optics market growth came from telecom sector. The rise in FTTx applications has been a major driver for the telecom sector growth since it facilitates optical fiber connection for last-mile connections. The emergence of 5G communication technology will also be a major factor supporting the growth of the global fiber optics market in the telecom segment.
APAC was the largest fiber optics market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing number of telecom subscribers and the deployment of fiber optics in communications will significantly drive fiber optics market growth in this region over the forecast period.
The global fiber optics market is fragmented. CommScope Holding Co. Inc., Corning